Lenders are reminded that effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions. For more detailed information on this premium increase, please see Mortgagee Letter 2010-02 at: http://www.hud.gov/offices/adm.....0-02ml.pdf

Lenders should make every effort to order case numbers early in the week of March 29, 2010, since it is possible that case numbers requested on Friday or Saturday may not be assigned prior to April 5, 2010, and therefore, be subject to the higher premium.

View next topicView previous topic
You cannot post new topics in this forumYou cannot reply to topics in this forumYou cannot edit your posts in this forumYou cannot delete your posts in this forumYou cannot vote in polls in this forum